Summary
40p from each £1 paid out in personal injury compensation goes to the ( mortgage quotes ) British legal profession – a practice that may soon end if moves to cut legal costs by 75% come to fruition.
Car insurance premiums may soon come down
Author: Anna Richardson
Recent estimates have stated that each time £1 gets paid out in compensation for personal injury claims, the legal profession gets 40p of it. Amazingly, the legal costs have increased so extravagantly that the British legal profession now receive £2 billion a year through the lengthy legal battles relating to personal injury claims.
Personal injury cases tend to amble very slowly through the courts, as a result they are invariably extremely costly. Consequently, approximately £200 of the average car insurance premium is earmarked for a potential personal injury claim going to court. If these legal costs could be reduced, then naturally the car insurance companies would be able to reduce their premiums.
With this aim in mind, the Association of British Insurers (ABI) recently ( life insurance quotes ) made moves to take personal injury claims out of the courts and into an independent arbitration system. This has already been done in Ireland in 2004 and proved to be very successful, reducing legal costs by 75%.
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